In Spain There are growing signs of rising living costs in September 2026: the 12-monthEuríbor is rising again, official consumer price data confirm persistent core inflation, and rent benchmarks point to continued pressure in many regions.
The Instituto Nacional de Estadística published the final results of the Índice de Precios de Consumo for August 2026 on 28 August. They show that inflation remains significant, driven by energy and services, while the core rate points to a persistent underlying trend. Earlier falls in wholesale electricity prices were at times offset in 2026 by higher fuel costs and uncertainty. Intermediate increases were reflected in consumer electricity and gas prices, as market statistics from the Comisión Nacional de los Mercados y la Competencia (CNMC) show.
The housing market is an additional strain. The SERPAVI 2026 (Sistema Estatal de Referencia del Precio del Alquiler de Vivienda), published in 2026, documents substantial rises in advertised rents and new rental contracts in many places. This increases the share of housing costs in household budgets, particularly in large cities and tourist areas. Households with variable-rate loans are affected twice over: by higher rents and more expensive borrowing.
As for interest costs, the 12-month Euríbor continued its upward trend. According to market statistics, the monthly average closed at 2.954 per cent in August 2026; the Banco de España confirmed this figure in early September. Based on current daily readings, the provisional monthly average for September is around 3.10 per cent. The Banco de España will confirm the final figure after the end of the month. Each tenth of a percentage point can mean a noticeable increase in monthly costs for variable-rate mortgages.
Context and interests: The combined impact of energy prices, rising rents and a higher Euríbor is reducing purchasing power, particularly for households with high housing costs or a variable-rate mortgage. Tenants' and borrowers' associations point to growing payment burdens; energy suppliers and market players cite volatile wholesale trends and regulatory conditions. Policy options range from targeted energy relief to accompanying rental measures and tax measures. The effectiveness of these instruments will depend on their specific design and fiscal headroom. Statements about future energy prices or the Euríbor remain forecasts and depend on external factors.
Editor: Mira Cadena (Article created with AI assistance).